Jackson Hole, Bernanke And Draghi: Economic Events for Aug. 27-31

Federal Reserve Chairman Ben Bernanke, and former New York Federal Reserve President Tim Geithner (now Treasury Secretary) take a walk for a photo opportunity during the Annual Economic Symposium in Jackson Hole, Wyoming, August 22, 2008. Photo: Reuters

The biggest event this week is Friday's Jackson Hole meeting. While this week's economic calendar is rather packed, Wall Street seems to care more about Federal Reserve Chairman Ben Bernanke's speech at the Kansas City Fed's annual economic symposium.

Economists expect Bernanke to use his Aug. 31 speech to affirm the Fed's dovish bias, defend the usefulness of additional easing and offer more details on policy options.

European Central Bank President Mario Draghi will participate in a Jackson Hole panel on Sept. 1, five days before he chairs a meeting of his Governing Council at which investors seek details of a plan to defend the euro region from surging bond yields.

Draghi has already declared to do "whatever it takes to preserve the euro." Therefore, economists don't expect anything new from him or the European Central Bank until several events occur.

Preceding the late-week meeting, U.S. investors will get a gamut of data releases that- including home prices, a second revision to second-quarter gross domestic product, jobless claims and consumer confidence - will help to set the tone. Also, Fed's Beige Book is due Wednesday.

In Europe, aside from the data releases - Germany IFO data and euro zone inflation data - this week sees Spanish government discussions on the possible need for a bail-out. Details of Spain's second-quarter GDP will also be released this week.

In emerging markets, investors will get rates decisions in Brazil, Israel, and Hungary. On the data front, second-quarter GDP data will be released for Brazil, India and Poland.

Below are entries on the economic calendar Aug. 27-31. All listed times are EDT.

8:30 a.m. - The Chicago Fed Midwest Manufacturing Index ticked up to 95.6 in July from 93.9 in June.

10:30 a.m. - The Dallas Fed Manufacturing Business Index improved more than expected in August, from -13.2 to -1.6. Market consensus was pointing to -8.0.

12:15 p.m. -- Cleveland Fed President Sandra Pianalto (FOMC voter) speaks at the Newark Area Business Luncheon at the Newark Metropolitan Hotel. She will speak on the economic outlook and monetary policy.

Non-U.S.:

U.K. -- Public holiday

E17 -- ECB Executive board member Joerg Asmussen speaks on the way to a more stable economic and monetary union in Germany.

Sweden - July retail sales.

Germany - IFO business climate index for August.

Tuesday

9:00 a.m. - Economists expect the S&P Case-Shiller home price index to rise 0.7 percent month-on-month in June, putting the index down 0.1 percent on the year. The 20-city index has posted sharp increases in three straight months, and economists look for this momentum to continue. The national composite will also be released for the second quarter.

10:00 a.m. -- The Richmond Fed Manufacturing survey is expected to show a slight improvement in August after the previous month's contraction.

10:00 a.m. - The Conference Board's index of consumer confidence surprised to the upside with a print of 65.9 in July, and economists look for the reading to remain flat in August.

8:30 a.m. - Economists expect Q2 GDP growth to be revised up to 1.7 percent in the second estimate from 1.5 percent, mostly due to a narrower trade deficit. Along with the revision to GDP growth, we could see revisions to the GDP deflator and PCE price index, which is expected to come in at 1.6 percent and 0.7 percent. We will also get the first estimate of corporate profits for Q2, which should show a decline of 4.9 percent, after shrinking 5.7 percent in Q1.

10:00 a.m. - Economists look for pending home sales, which track signed contracts on single-family homes, condos, and co-ops, to remain unchanged in July after falling 1.4 percent month-on-month in June.

9:45 a.m. -- Regional manufacturing indices surprised to the downside in August, including a drop in the Empire State that unexpectedly brought it into negative territory. The decline in the Philadelphia Fed index was more muted, however, and there was a modest increase in the Markit flash PMI. Economists look for the Chicago PMI to edge down to 53.5 in August, from 53.7 in July.

10:00 a.m. - The final print of the University of Michigan's index of consumer confidence in August will likely remain unchanged at 73.6.